Canada’s federal police say they seized more than C$56 million (about US$40–41 million) in cryptocurrency and dismantled the TradeOgre exchange—calling it the country’s largest crypto seizure to date and the first time Canadian law enforcement has taken down a trading platform.
How the investigation began
RCMP’s Money Laundering Investigative Team launched a year-long probe after a June 2024 tip from Europol. Investigators allege TradeOgre failed to register with Canada’s financial intelligence unit, FINTRAC, and skipped basic know-your-customer checks. Authorities say those gaps allowed criminal groups to move funds through the platform.
What police seized and the site’s status
RCMP statements shared with reporters list seized assets that include Bitcoin, Ethereum, XRP, Litecoin, Tron, and Qubic. The TradeOgre website had been offline since late July 2025; coverage now links the outage to the takedown, and outlets report the site displays a seizure notice.
- Amount seized: C$56M (roughly US$40–41M)
- Alleged violations: unregistered money services business, missing KYC
- Noted coins: BTC, ETH, XRP, LTC, TRX, Qubic
What happens next—and the community’s reaction
The RCMP says it is analyzing transaction data from the platform and that charges may follow as the investigation continues. Meanwhile, some users and privacy-coin advocates argue the takedown swept up legitimate balances from non-criminal users. Posts and commentary across the crypto community frame the move as heavy-handed, while police characterize it as a necessary strike against laundering.
This action underscores that Canadian authorities will target platforms they say operate outside AML and registration rules. For exchanges serving Canadian users, the message is clear: verify identities, register with FINTRAC, and keep robust compliance or face enforcement.
